Do you have a will ?

Discussion in 'The Pub' started by Anthony Gring, Apr 26, 2016.

  1. Anthony Gring

    Anthony Gring Silver Supporting Member

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    In light of the fact Prince did not, I ask you. Well ? Me and Mrs G , Yes......
     
  2. VCuomo

    VCuomo Member

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    Yes, but I need to change it and implement a Living Trust. Depressing stuff to think about...
     
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  3. fataxeman

    fataxeman Supporting Member

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    Yes. I'm sure it could use some updating but haven't done that yet.
     
  4. urizen

    urizen Gold Supporting Member

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    I've got a way.
     
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  5. pickaguitar

    pickaguitar 2011 TGP Silver Medalist Silver Supporting Member

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    I do but it's probably not right or complete...

    I basically downloaded a form to fill out online for free. Then had it notarized at a shipping facility. Does this work?
     
  6. EricPeterson

    EricPeterson Member

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    It probably works, assuming you followed appropriate Texas law. Nothing says it has to be prepared by a lawyer, it might help though for complicated estates.

    __________________________________________

    One thing to consider is that wills are kind of passe, revocable trusts are the new rage, in part to avoid probate issues and administration costs for probate. Also there are pay on death accounts, joint tenancies, and other estate planning instruments that can streamline the process.

    You don't have to consult an attorney, but it might be worth your while to consider it.
     
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  7. CRAIG4FSU

    CRAIG4FSU Whatever... Silver Supporting Member

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  8. pickaguitar

    pickaguitar 2011 TGP Silver Medalist Silver Supporting Member

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    Thanks! I was about to drop it off to my attorney and see if they laugh. I'll look into the 'revocable trust'
     
  9. ACfixer

    ACfixer Member

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    I need to do a living trust.
     
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  10. Doug's Tubes

    Doug's Tubes Member

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    No...and it's something that needs to done at this point. Discussed it with Mrs P and she agrees.

    Any consensus on legal fees for a joint will here?
     
  11. EricPeterson

    EricPeterson Member

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    Flat fees are common for wills, but it often comes down to a few things like size of your estate and holdings and preferences, the more complicated the more it costs. Also, you may find you dont want to go straight will, you may want a trust. Consultations are usually free.

    Spend a little more now, avoid taxes and frustration for your loved ones later.
     
  12. GasMask

    GasMask Member

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    Make sure to take care of powers of attorney, medical directives, etc... at the same time.
    Using an attorney that specializes in this area is money well spent for those with assets.
     
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  13. lp_bruce

    lp_bruce Member

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    Plenty of time for that....

    << thud >>
     
  14. AZChilicat

    AZChilicat Member

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    Estate planning complete and review it every two or three years. Bet I'm probably one of only a few on TGP, if not the only, to have a trust fund for his cats if both of us should bite it.
     
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  15. Doug's Tubes

    Doug's Tubes Member

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    I was quoted $2,000. I pretty much spelled out the property involved including the assets of the tube business.
    Revocable or irrevocable?
     
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  16. ACfixer

    ACfixer Member

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    I'm a little unsure of the difference offhand, but if revocable means I can leave my stuff to a pack of stray cats if my daughter tries to strangle me, then yeah, that. ;)
     
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  17. AZChilicat

    AZChilicat Member

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    NAL but the main difference, of course, is one can be changed up until the moment of death whereas the other is unchangeable after it is set up. Not a financial planner but I remember putting one's life insurance into an irrevocable was common practice as it moved the proceeds outside of one's estate thus avoiding estate taxes. Since most of us don't have anywhere near the limit in our estates revocable is probably fine.
     
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  18. Wrmbrnr

    Wrmbrnr Gold Supporting Member

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    Yes. My wife and I have one. We should review it with our attorney though, since it's been about ten years since we set it up and circumstances have changed for the better, however that means we should probably be more specific in the allocation of our estate.
     
  19. Doug's Tubes

    Doug's Tubes Member

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    Kind of hit's a sore spot for me.

    My aunt passed away in 2012, left me $10,000.

    She left her dog Zoro $15,000........

    She left my sister $160k...

    My sister and the dog she inherited are broke.....I still have the $10k.
     
  20. ACfixer

    ACfixer Member

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    I didn't really want to "like" the post so let me just say... ouch.
     
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